Targeting of Cryptocurrency Phone Wallets

Targeting Phone Wallets

With the ever climbing value of cryptocurrency, phone wallets are gaining popularity. They offer an easy way to monitor, buy, and sell these digital currency.  Recently, the most popular, Bitcoin reached a value of over ten thousand dollars.  As a result, this makes for an enticing target.  The rise in appeal has created a flood of new phone apps for digital wallets.  Most noteworthy, because of the rush to release the new apps,  nearly all have some vulnerability.

In a recent analysis done by High-Tech Bridge, over 90% of the top thirty currency wallet apps were found to have vulnerabilities.  These can put the many users at risk.  Personal data loss or financial theft are the main concerns.   While these issues are facing cryptocurrency apps, it’s just a highlight of broader problems facing phone apps when it comes to security.

As the value of online currency continue to rise, users should remain highly cautious.  The greater the value, the more the threat from hackers will rise.  First, do your research before picking an app.  Another option, just avoid phone apps all together and use desktop wallets.  Finally stay up to date on cryptocurrency by checking the Protocol 46 website for the latest news postings by our cyber security analysts.

Post by chromite